Gce Model Questions Vol1 2025 Commerce Question 25
Practice objective / multiple choice question 25 from the 2025 Gce Model Questions Vol1 Commerce examination.
A student takes a loan of £\(5{,}000\) at a nominal annual interest rate of 8% compounded monthly, to be repaid over 3 years with equal monthly instalments. After 12 months she makes an extra lump‑sum payment of £\(1{,}000\) toward the principal. What is the new monthly instalment amount for the remaining 24 months? (Round to two decimal places.)
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About This Question
This is Gce Model Questions Vol1 2025 Commerce Question 25. It is one of the objective questions from the 2025 Gce Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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